ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin continuing to consolidate sideways without displaying any breakout attempts.
It is evident by the recent price action that traders are waiting on the sidelines. Buyers are waiting for price to break support and present good buying opportunities, while small shorts are appearing constantly. There would be no surprise that, in next few hours/days, price would wanna break the current range and would be waiting for a new uptrend to emerge.
While these aspects are for long terms, our focus on today’s analysis will remain on intraday positions. So what are the levels we’ll be watching today? Let’s check out:
Bitcoin 4H Chart
As stated, we are still watching the same range we were in yesterday, where 332.05 fiat is serving as in-term resistance and 315.21 fiat is serving as in-term support level. There has been some upside activity after all due to the expected buying pressure near the support line. It can however be a false alarm where price could attempt another dip. We have therefore placed our intrarange strategy to get in/out of the market on the first signs of a reversal.
As for now, our first trade of the day would be a long position towards in-term resistance. Although, we don’t expect price to continue the uptrend for now, we will surely switch to intraday breakout method if price breaks above 332.05 fiat. In that case, our immediate position would be a long one towards 335.35, our medium-term upside bias. On this trade, our stop loss would be near 328.45 to get us out of the trade on a small loss should the bias is invalidated.
Looking the other way around, a pullback from any other the said upside targets would have us place a short trade towards 318.42 fiat, while targeting in-term support level. In case the price tends to drop further, we will put an immediate short towards 309.32 fiat by keeping our stops near 317.39 fiat.